Centralized Database Needed to Uncover India's Unclaimed Deposits

The Reserve Bank of India aims to aid heirs in locating unclaimed deposits through its UDGAM portal, but concerns arise over missing integrations with other deposit systems. The Supreme Court hears calls for a centralized online database to simplify access and transparency for legal heirs of deceased deposit holders.

The Reserve Bank of India (RBI) has presented its case before the Supreme Court, highlighting the functionality of its Unclaimed Deposits - Gateway to Access Information (UDGAM) portal to assist registered users in locating unclaimed deposits across various banks.

The RBI was responding to a petition by journalist Sucheta Dalal, who seeks a mechanism to inform legal heirs of deceased depositors about dormant funds. The Supreme Court bench, comprising Justices Vikram Nath, Sandeep Mehta, and Vijay Bishnoi, discussed the matter, emphasizing the integration of deposits from post offices and insurance schemes.

Calls for a centralized, searchable database have been made to ensure comprehensive access. An updated affidavit from the Centre is expected shortly, as unclaimed funds continue to grow, indicating a pressing need for streamlined processes to ease the discovery of such deposits for rightful heirs.